Oil firms had last revised petrol prices on December 1 after which rates have not been changed because of Assembly Elections.

The industry, they said, has lost about Rs 900 crore since the last revision which was done at international gasoline price (the benchmark for deciding domestic retail rates) was USD 109 per barrel. Gasoline rates have since risen to over USD 125 a barrel.

"In all probability, petrol price will be increased after assembly polls," an official said.

Another official said diesel rates too may be hiked before the Budget session of Parliament that begins on March 12.